Our country's laws stipulate that if a worker's wage income reaches the standard for paying wage tax stipulated by the state, then the excess amount must be subject to personal income tax according to the relevant tax rate. So what is the formula for calculating personal income tax on wages in 2020? The following content has been compiled by the editor for you, welcome to read. 1. 2020 wage individual income tax calculation formula The calculation formula for wage individual income tax is: Tax payable = (wage and salary income - "five insurances and one fund" - deductions) × applicable tax rate - quick deductions The starting point for individual income tax is 5,000, and the calculation method using the excess progressive tax rate is as follows: |
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